Hi there this is Steve Miley for forextraders.com and we’re here looking at the Australian versus the US dollar. Australia against the US dollar in here and still this declining theme in here for the Australian dollar.
We’ve had a consolidation really at the very end of September. The market capped by this resistance at 0.6781 and probably more importantly the down trend line here. The market probed lower yesterday, on Monday, and then today already, on Tuesday, we’ve had this spike higher and then a failure back from below 0.6781 and from below the down trend line. And then pushing through this support at 0.6735 down to 0.6722, just holding at this 0.6721 support.
Real risk going into Tuesday now through 0.6722/21 to aim for this key September low at 0.6685. Below here would then re-energise an intermediate term bearish theme and then quickly aim here at 0.6773 and then maybe below going into this week.
So we’re looking for a negative theme both for short and intermediate term basis for the Australian versus US dollar.
Have a great trading day.
Forextraders' Broker of the Month
BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.